Winchester Bancorp profit rises to $1.27M in September

Available-for-sale securities had $2.846 million in unrealized holding losses during the quarter before a $636,000 tax effect.

Available on EDGAR 11/04/2026 - 04:03 PM EST Accepted by SEC EDGAR 11/04/2026 - 04:02 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

Winchester Bancorp, Inc. (WSBK) reported net income of $1.268 million for the three months ended September 30, 2026, compared with $962,000 a year earlier. Net interest income was $7.188 million, versus $5.741 million, while the provision for credit losses was $415,000, compared with a $320,000 benefit in the prior-year quarter.

Total assets were $1,141.186 million at September 30, 2026, compared with $1,095.936 million at June 30, 2026. Net loans were $908.696 million, versus $870.773 million, and the allowance for credit losses on loans was $5.133 million, compared with $4.783 million. Interest-bearing deposits were $799.280 million at September 30, versus $746.068 million at June 30.

Comprehensive loss was $942,000, compared with comprehensive income of $1.576 million in the prior-year quarter. Net-of-tax other comprehensive loss was $2.210 million, reflecting $2.846 million of unrealized holding losses on available-for-sale securities and a $636,000 tax effect. The board approved a change in the company’s fiscal year end from June 30 to December 31; the July 1 through December 31, 2026 transition period will be covered in a Form 10-KT.

1 point · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

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How the balance works

Positive

• Moderate pointNet income: $1.268 million, versus $962,000 in the prior-year quarter.

Negative

• None.

Filing Explained

At September 30, 2026, the filing lists $1,901 thousand of nonaccrual loans: $1,166 thousand in commercial real estate, also 90 or more days past due; it says no further advances are committed for individually evaluated loans.

Key Figures

Net income: $1.268 million Net interest income: $7.188 million Provision for credit losses: $415,000 +3 more

6 metrics

Net income $1.268 million Three months ended September 30, 2026; $962,000 in the 2025 period

Net interest income $7.188 million Three months ended September 30, 2026; $5.741 million in the 2025 period

Provision for credit losses $415,000 Three months ended September 30, 2026; compared with a $320,000 benefit in the 2025 period

Comprehensive income (loss) $942,000 loss Three months ended September 30, 2026; compared with $1.576 million income in the 2025 period

Total assets $1,141.186 million As of September 30, 2026; $1,095.936 million as of June 30, 2026

Loans, net $908.696 million As of September 30, 2026; $870.773 million as of June 30, 2026

Key Terms

allowance for credit losses, non-accrual, amortized cost, available for sale, +1 more

5 terms

allowance for credit losses financial

"Allowance for credit losses is evaluated on a regular basis"

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

non-accrual financial

"loans on non-accrual"

A non-accrual loan or asset is one for which a lender has stopped counting expected interest as income because the borrower is very late on payments or in serious financial trouble. For investors, non-accruals signal that future cash from interest is uncertain and that the lender may need to write down the loan’s value or set aside extra reserves, similar to a landlord who stops recording rent when a tenant stops paying.

amortized cost financial

"Loans, net of allowance for credit losses"

Amortized cost is an accounting method that shows the value of a loan or bond on a company’s books by starting with what was paid and then gradually adjusting that amount as principal is repaid and any extra fees or discounts are spread out over time. Think of it like tracking the remaining balance on a mortgage after each scheduled payment. For investors, it matters because it determines the reported value and earned interest of debt holdings, affecting income, balance sheet strength, and comparisons between companies.

available for sale financial

"Securities available for sale, at fair value"

Available for sale describes investments, usually bonds or stocks, that a company intends to keep but may sell before they mature; they are reported at current market value on the balance sheet while any unrealized profit or loss is kept separate from regular earnings. For investors, this matters because changes in market value affect a company’s reported net worth and can become realized gains or losses when sold, similar to how the changing resale value of a collectible affects your net wealth even before you sell it.

held to maturity financial

"Securities held to maturity, at amortized cost"

A "held to maturity" classification applies to debt securities a company intends and is able to keep until they are fully repaid. Think of it like putting a bond in a locked safe until the issuer returns your money; the company does not mark the holding to daily market swings, so reported income and balance-sheet values are steadier. For investors, it signals predictable future interest receipts and reduced volatility in reported results, but also less liquidity if cash is needed before maturity.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What was WSBK's net income for the three months ended September 30, 2026?

Winchester Bancorp reported net income of $1.268 million for the three months ended September 30, 2026, compared with $962,000 for the three months ended September 30, 2025. Basic and diluted net income per share was $0.14, compared with $0.11.

How much net interest income did WSBK report?

Net interest income was $7.188 million for the three months ended September 30, 2026, compared with $5.741 million a year earlier. The provision for credit losses was $415,000, compared with a $320,000 benefit in the prior-year quarter.

How much of WSBK's loan portfolio was past due or on non-accrual at September 30, 2026?

Total loans past due were $1.479 million, and loans on non-accrual were $1.901 million. The non-accrual amount included $735,000 of residential real estate loans and $1.166 million of commercial real estate loans.

How many WSBK debt securities had unrealized losses?

At September 30, 2026, 166 debt securities had unrealized losses, with aggregate depreciation equal to 5.51% of the company’s amortized cost basis. The company attributed the decline in market value to interest-rate changes and not to credit quality.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________ to __________

Commission File Number: 001-42627

WINCHESTER BANCORP, INC.

(Exact Name of Registrant as Specified in its Charter)

Maryland	33-3361275
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)
661 Main Street Winchester, Massachusetts	01890
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (781) 729-2130

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, par value $0.01 per share		WSBK		The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer		☐		Accelerated filer		☐
Non-accelerated filer		☒		Smaller reporting company		☒
Emerging growth company		☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2026, the registrant had 9,295,376 shares of common stock outstanding.

Table of Contents

		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Consolidated Balance Sheets	2
	Consolidated Statements of Net Income	3
	Consolidated Statements of Comprehensive Income (Loss)	4
	Consolidated Statements of Changes in Stockholders’ Equity	5
	Consolidated Statements of Cash Flows	6
	Notes to Unaudited Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
Item 4.	Controls and Procedures	34
PART II.	OTHER INFORMATION	35
Item 1.	Legal Proceedings	35
Item 1A.	Risk Factors	35
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	35
Item 3.	Defaults Upon Senior Securities	35
Item 4.	Mine Safety Disclosures	35
Item 5.	Other Information	35
Item 6.	Exhibits	36
Signatures		37

1

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements.

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Balance Sheets (unaudited)

September 30, 2026 and June 30, 2026

		September 30,				June 30,
		2026				2026
		(In thousands, except share data)
Assets
Cash and due from banks		$	1,370			$	1,283
Interest-bearing deposits			61,803				58,764
Total cash and cash equivalents			63,173				60,047
Securities available for sale, at fair value (amortized cost of $69,834 at    September 30, 2026 and $69,620 at June 30, 2026)			66,144				68,776
Securities held to maturity, at amortized cost			57,013				56,228
Federal Home Loan Bank stock, at cost			6,312				6,791
Loans, net of allowance for credit losses of $5,133 at September 30, 2026    and $4,783 at June 30, 2026			908,696				870,773
Bank owned life insurance			16,549				11,397
Premises and equipment, net			5,799				5,590
Accrued interest receivable			3,818				4,034
Net deferred tax asset			1,726				1,092
Other assets			11,956				11,208
Total assets		$	1,141,186			$	1,095,936
Liabilities and stockholders' equity
Non-interest-bearing deposits		$	63,372			$	63,168
Interest-bearing deposits			799,280				746,068
Federal Home Loan Bank advances			149,923				158,158
Mortgagors’ escrow accounts			2,125				1,809
Accrued expenses and other liabilities			6,859				6,220
Total liabilities			1,021,559				975,423
Commitments and contingencies
Preferred stock, $.01 par value, 5,000,000 shares authorized, none outstanding			—				—
Common stock, $.01 par value, 20,000,000 shares authorized, 9,295,376 issued    and outstanding as of September 30, 2026 and June 30, 2026			93				93
Additional paid-in capital			39,599				39,586
Unearned compensation (ESOP)			(3,108	)			(3,151	)
Retained earnings			86,409				85,141
Accumulated other comprehensive loss			(3,366	)			(1,156	)
Total stockholders' equity			119,627				120,513
Total liabilities and stockholders' equity		$	1,141,186			$	1,095,936

The accompanying notes are an integral part of these condensed consolidated financial statements.

2

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Net Income (unaudited)

		Three months ended
		September 30,
		2026				2025
		(In thousands, except share data)
Interest and dividend income:
Interest and fees on loans		$	12,440			$	10,402
Interest and dividends on securities			1,254				1,113
Interest on federal funds sold and other interest-bearing deposits			489				422
Total interest and dividend income			14,183				11,937
Interest expense:
Interest on deposits			5,708				4,670
Interest on Federal Home Loan Bank advances			1,287				1,526
Total interest expense			6,995				6,196
Net interest income			7,188				5,741
Provision (benefit) for credit losses			415				(320	)
Net interest income, after provision (benefit) for credit losses			6,773				6,061
Non-interest income:
Customer service fees			229				191
Income on bank owned life insurance			152				119
Loss on available for sale securities, net			—				(317	)
Miscellaneous			117				59
Total non-interest income			498				52
Non-interest expense:
Salaries and employee benefits			3,147				2,697
Occupancy and equipment, net			420				396
Data processing			480				408
Deposit insurance			195				210
Marketing and advertising			266				184
Other general and administrative			1,108				900
Total non-interest expense			5,616				4,795
Income before income taxes			1,655				1,318
Provision for income taxes			387				356
Net income		$	1,268			$	962
Share Data:
Average common shares outstanding, basic and diluted			8,981,699				8,964,893
Basic and diluted net income per share		$	0.14			$	0.11

The accompanying notes are an integral part of these condensed consolidated financial statements.

3

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss) (unaudited)

		Three months ended
		September 30,
		2026				2025
		(In thousands)
Net income		$	1,268			$	962
Other comprehensive income (loss):
Securities available for sale:
Unrealized holding gains (losses)			(2,846	)			480
Reclassification adjustment for losses realized in income			—				317
Net unrealized gains (losses)			(2,846	)			797
Tax effect			636				(183	)
Net-of-tax amount			(2,210	)			614
Total other comprehensive income			(2,210	)			614
Comprehensive income (loss)		$	(942	)		$	1,576

The accompanying notes are an integral part of these consolidated financial statements.

4

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (unaudited)

Three Months Ended September 30, 2026 and 2025

		Shares of Common Stock				Common Stock				Additional Paid in Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Unearned Compensation ESOP				Total Stockholders' Equity
		(In thousands, except share data)
Balance at June 30, 2026			9,295,376			$	93			$	39,586			$	85,141			$	(1,156	)		$	(3,151	)		$	120,513
Comprehensive income (loss)			—				—				—				1,268				(2,210	)			—				(942	)
ESOP shares released and committed to be released			—				—				13				—				—				43				56
Balance at September 30, 2026			9,295,376			$	93			$	39,599			$	86,409			$	(3,366	)		$	(3,108	)		$	119,627

		Shares of Common Stock				Common Stock				Additional Paid in Capital				Retained Earnings				Accumulated Other Comprehensive Income (Loss)				Unearned Compensation ESOP				Total Stockholders' Equity
		(In thousands, except share data)
Balance at June 30, 2025			9,295,376			$	93			$	39,571			$	80,720			$	(1,686	)		$	(3,346	)		$	115,352
Comprehensive income (loss)			—				—				—				962				614				—				1,576
ESOP shares released and committed to be released			—				—				(4	)			—				—				68				64
Balance at September 30, 2025			9,295,376			$	93			$	39,567			$	81,682			$	(1,072	)		$	(3,278	)		$	116,992

The accompanying notes are an integral part of these consolidated financial statements.

5

Winchester Bancorp, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (unaudited)

For the Three Months Ended September 30, 2026 and 2025

		Three months ended
		September 30,
		2026				2025
		(In thousands)
Cash flows from operating activities:
Net income		$	1,268			$	962
Adjustments to reconcile net income to net cash provided by operating activities:
Provision (benefit) for credit losses			415				(320	)
Net amortization of premiums and discounts on securities			1				21
Depreciation and amortization			219				223
Increase in cash surrender value of bank owned life insurance			(152	)			(119	)
Amortization (accretion) of net deferred loan origination costs/fees			48				(17	)
Losses on sale of securities available for sale, net			—				317
Deferred tax provision			—				64
Net change in:
Accrued interest receivable			216				(131	)
Other assets			(417	)			735
Accrued expenses and other liabilities			575				(378	)
Net cash provided by operating activities			2,173				1,357
Cash flows from investing activities:
Activity in securities available for sale:
Maturities, calls and prepayments			1,289				1,784
Sales			—				7,195
Purchases			(1,750	)			(15,789	)
Activity in securities held to maturity:
Maturities, calls and prepayments			1,169				1,516
Purchases			(1,980	)			(4,954	)
Purchase of bank-owned life insurance			(5,000	)			—
Redemption (purchase) of Federal Home Loan Bank stock			479				(650	)
Loan originations, net of principal payments			(38,321	)			(42,422	)
Purchase of premises and equipment, net			(428	)			8
Net cash used by investing activities			(44,542	)			(53,312	)
Cash flows from financing activities:
Net increase in deposits			53,415				37,239
Net change in short-term Federal Home Loan Bank advances			18,000				33,000
Proceeds from long-term Federal Home Loan Bank advances			10,000				—
Repayment of long-term Federal Home Loan Bank advances			(36,235	)			(16,000	)
Net increase in mortgagors’ escrow accounts			315				189
Net cash provided by financing activities			45,495				54,428
Net change in cash and cash equivalents			3,126				2,473
Cash and cash equivalents at beginning of period			60,047				55,244
Cash and cash equivalents at end of period		$	63,173			$	57,717
Supplemental cash flow information:
Interest paid on deposits		$	5,624			$	4,656
Interest paid on Federal Home Loan Bank advances			1,325				1,539
Income taxes paid, net of (refunds)			835				641

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

Winchester Bancorp, Inc. and Subsidiaries

Notes to Unaudited Consolidated Financial Statements

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited consolidated financial statements of Winchester Bancorp, Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim information. Accordingly, they do not include all the information and footnote disclosures required by GAAP for complete financial statements. In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the financial condition and results of operations for the periods have been included.

For additional information and disclosures required under U.S. GAAP, refer to the Company's Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2026.

Certain previously reported amounts have been reclassified to conform with current period's presentation.

Basis of consolidation and presentation

The consolidated financial statements include the accounts of the Company, its wholly owned subsidiary Winchester Savings Bank (the “Bank”) and the Bank's wholly owned subsidiaries, Sachem Holdings, Inc., Aberjona Holdings, Inc., 1871 Company, LLC, and Wedgemere Holdings, LLC. Sachem Holdings, Inc. and Aberjona Holdings, Inc. function as Massachusetts security corporations that buy, sell and hold securities. 1871 Company, LLC's principal activity is holding of bank premises. Wedgemere Holdings, LLC's principal activity is the holding of properties acquired in settlement of loans.

All significant intercompany balances and transactions have been eliminated in consolidation.

As previously announced on July 30, 2026, the Board of Directors approved a change in the Company's fiscal year end from June 30 to December 31. The transition period of July 1, 2026 to December 31, 2026 will be covered on a Transition Report Form 10-KT.

Business

The Company is a Maryland corporation whose primary purpose is to act as the holding company for the Bank. The Bank provides a variety of financial services to individuals and small businesses through its offices in Winchester, Woburn, Danvers, Arlington, and Wakefield, Massachusetts. Its primary deposit products are checking, savings and term certificate accounts and its primary lending products are residential, commercial and multi-family real estate and construction loans.

Use of estimates

In preparing consolidated financial statements in conformity with accounting principles generally accepted in the United States of America, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated balance sheet and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Material estimates that are particularly susceptible to significant change in the near term relate to the determination of the allowance for credit losses.

7

Fair value hierarchy

The Company groups its assets and liabilities measured at fair value in three levels, based on the markets in which the assets are traded and the reliability of the assumptions used to determine fair value.

Level 1 – Valuation is based on quoted prices in active markets for identical assets. Valuations are obtained from readily available pricing sources for market transactions involving identical assets.

Level 2 – Valuation is based on observable inputs other than Level 1 prices, such as quoted prices for similar assets; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets.

Level 3 – Valuation is based on unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets. Level 3 assets include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Defined benefit pension plan investments in hedge funds are measured using the net asset value per share (or its equivalent) as a practical expedient and have not been classified in the fair value hierarchy.

Accrued Interest Receivable

The Company elected not to measure an allowance for credit losses for accrued interest receivable and instead elected to reverse interest income on loans or securities that are placed on nonaccrual status, which is generally when the instrument is 90 days past due, or earlier if the Company believes the collection of interest is doubtful. The Company has concluded that this policy results in the timely reversal of uncollectible interest.

Allowance for Credit Losses-Loans

The allowance for credit losses is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available.

Collectively evaluated loans

The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. The Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative DCF model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following:

•changes in the Company’s loan policies, procedures and strategies;

•changes in international, national, regional, and local economic and business conditions;

8

•changes in the nature and volume of the portfolio and terms of loans;

•changes in experience, depth, and ability of lending management;

•changes in the volume, trend, and severity of past due financial assets;

•changes in the quality of the organization’s loan review system;

•changes in the value of underlying collateral for collateral-dependent loans;

•the existence and effect of any concentrations of credit, and changes in the level of such concentrations; and

•the effect of competition and legal/regulatory requirements on the portfolio.

Individually Evaluated Loans

Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a DCF approach or a fair value of collateral approach. The latter approach will be used for loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

Unallocated component

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of losses. The unallocated portion of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating collectively and individually evaluated loans in the portfolio.

Allowance for Credit Losses- Off-Balance Sheet Credit Exposures

The Company has off-balance sheet financial instruments, which include commitments to extend credit, standby letters of credit and commercial letters of credit. The Company estimates expected credit losses over the contractual period in which the Company is exposed to risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Company.

The Company’s allowance for credit losses on off-balance sheet credit exposures is recognized as a liability in accrued expenses and other liabilities on the consolidated balance sheets, with adjustments to the reserve recognized in the provision for credit losses in the consolidated statements of operations. The credit risk associated with these commitments is evaluated in a manner similar to the allowance for credit losses on loans with an additional assumption of probability of funding.

Recent accounting pronouncements

Management has not identified any Accounting Standards Updates that have been issued but are not yet effective and could have a significant impact on the Company’s financial reporting or disclosure requirements.

9

2.SECURITIES

The amortized cost and fair value of available for sale and held to maturity securities, at September 30, 2026 and June 30, 2026, with gross unrealized gains and losses, follows:

		September 30, 2026
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government-    sponsored enterprise obligations		$	17,761			$	—			$	(1,211	)		$	16,550
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			37,815				—				(1,380	)			36,435
Corporate bonds and obligations			14,258				—				(1,099	)			13,159
Total securities available for sale		$	69,834			$	—			$	(3,690	)		$	66,144
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored    enterprise obligations		$	28,718			$	—			$	(1,358	)		$	27,360
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			16,909				5				(725	)			16,189
Corporate bonds and obligations			9,192				—				(973	)			8,219
Municipal bonds			2,194				322				(152	)			2,364
Total securities held to maturity		$	57,013			$	327			$	(3,208	)		$	54,132

		June 30, 2026
		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Fair Value
		(In thousands)
Securities Available for Sale
U.S. Government agency and U.S. Government-    sponsored enterprise obligations		$	17,760			$	—			$	(229	)		$	17,531
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			39,049				378				(205	)			39,222
Corporate bonds and obligations			12,811				4				(792	)			12,023
Total securities available for sale		$	69,620			$	382			$	(1,226	)		$	68,776
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored    enterprise obligations		$	28,718			$	—			$	(818	)		$	27,900
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			15,642				99				(212	)			15,529
Corporate bonds and obligations			9,217				—				(800	)			8,417
Municipal bonds			2,651				316				(69	)			2,898
Total securities held to maturity		$	56,228			$	415			$	(1,899	)		$	54,744

10

The amortized cost and fair value of debt securities by contractual maturity at September 30, 2026 are shown as follows. Expected maturities may differ from contractual maturities because the issuers, in certain instances, have the right to call or prepay obligations with or without call or prepayment penalties.

		Available for Sale								Held to Maturity
		Amortized Cost				Fair Value				Amortized Cost				Fair Value
		(In thousands)
Within 1 year		$	1,002			$	998			$	9,725			$	9,628
Over 1 year through 5 years			9,317				8,349				19,633				18,203
Over 5 years through 10 years			12,179				11,518				4,995				4,697
Over 10 years			9,521				8,844				5,751				5,415
			32,019				29,709				40,104				37,943
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			37,815				36,435				16,909				16,189
Total securities		$	69,834			$	66,144			$	57,013			$	54,132

There were no realized losses on securities for the three months ended September 30, 2026, compared to realized losses of $317,000 for the three months ended September 30, 2025.

Allowance for Credit Losses-Securities

Available for sale “AFS” and held to maturity “HTM” securities, which are issued by the U. S. Treasury or are guaranteed by government agencies do not currently have an allowance for credit loss as the Company determined these securities are either backed by the full faith and credit of the U.S. government and/or there is an unconditional commitment to make interest payments and to return the principal investment in full to investors when a debt security reaches maturity. In assessing the Company’s investments in government-sponsored and U.S. government guaranteed mortgage-backed securities and government-sponsored enterprise obligations, the contractual cash flows of these investments are guaranteed by the respective government-sponsored enterprise. Accordingly, it is expected that the securities would not be settled at a price less than the par value of the Company’s investments. The Company will evaluate the securities portfolio no less than annually, however, certain items which may cause the Company to change this methodology include legislative changes that reduce or eliminate the U.S. government’s implicit guarantee on such securities. Any expected credit losses would be presented as an allowance for credit loss. For corporate and municipal bonds, whether they are AFS or HTM, a probability of default and a loss given default analysis is performed to determine whether an allowance for credit losses is needed. There was no allowance for credit losses established on AFS or HTM securities during the three months ended September 30, 2026 and 2025 .

11

Information pertaining to securities with gross unrealized losses at September 30, 2026 and June 30, 2026, aggregated by investment category and length of time that individual securities have been in a continuous loss position, follows:

		Less Than Twelve Months								Twelve Months or Over
		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
						(In thousands)
September 30, 2026
Securities Available for Sale
U.S. Government and U.S. Government-    sponsored enterprise obligations		$	1,047			$	14,429			$	164			$	2,121
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			1,379				36,259				1				67
Corporate bonds and obligations			127				3,063				972				9,346
Total securities available for sale		$	2,553			$	53,751			$	1,137			$	11,534
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored    enterprise obligations		$	277			$	4,719			$	1,081			$	22,641
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			345				3,640				380				12,084
Corporate bonds and obligations			—				—				973				8,220
Municipal bonds			66				688				86				677
Total securities held to maturity		$	688			$	9,047			$	2,520			$	43,622

		Less Than Twelve Months								Twelve Months or Over
		Gross Unrealized Losses				Fair Value				Gross Unrealized Losses				Fair Value
						(In thousands)
June 30, 2026
Securities Available for Sale
U.S. Government and U.S. Government-    sponsored enterprise obligations		$	214			$	16,546			$	15			$	985
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			190				13,770				15				2,090
Corporate bonds and obligations			3				1,497				789				9,570
Total securities available for sale		$	407			$	31,813			$	819			$	12,645
Securities Held to Maturity
U.S. Government and U.S. Government-sponsored    enterprise obligations		$	72			$	7,420			$	746			$	20,479
U.S. Government agency and U.S. Government-    sponsored enterprise residential mortgage-    backed securities			25				1,440				187				2,806
Corporate bonds and obligations			—				—				800				8,417
Municipal bonds			—				—				69				1,142
Total securities held to maturity		$	97			$	8,860			$	1,802			$	32,844

The Company monitors the credit quality of securities through the use of credit ratings. Management evaluates debt securities for impairment at least quarterly, and more frequently when economic or market concerns warrant such evaluation. For municipal securities and corporate bonds, the Company uses credit rating as the primary indicator of credit quality along side the geographic and sector distribution for municipal securities and key financial metrics for each corporate holding for the probability of default.

12

At September 30, 2026, 166 debt securities have unrealized losses with aggregate depreciation of 5.51% of the Company’s amortized cost basis. The decline in market value is attributable to changes in interest rates and not to credit quality, and the Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that the securities would not be settled at a price less than the par value of the investment. Because the Company does not intend to sell the securities and it is not “more likely than not” that the Company will be required to sell the securities before recovery of their amortized cost bases, which may be maturity, the Company does not consider these securities to be impaired at September 30, 2026.

Accrued Interest Receivable

There were no write offs during the three months ended September 30, 2026 and the year ended June 30, 2026. The balance of accrued interest receivable on investments was $905,000 and $1.0 million at September 30, 2026 and June 30, 2026, respectively.

3.LOANS

A summary of the balances of loans follows:

		September 30,				June 30,
		2026				2026
		(In thousands)
Mortgage loans:
Residential real estate		$	419,435			$	405,326
Commercial real estate			102,981				106,553
Multi-family			216,638				212,617
Construction			138,271				116,360
Home equity loans and lines-of-credit			30,652				28,954
Total mortgage loans			907,977				869,810
Commercial loans			3,877				3,866
Consumer loans			168				166
Total loans			912,022				873,842
Allowance for credit losses			(5,133	)			(4,783	)
Net deferred loan origination costs			1,807				1,714
Loans, net		$	908,696			$	870,773

The Company has sold mortgage loans in the secondary mortgage market and has retained the servicing responsibility and receives fees for the services provided. Total loans serviced for others at September 30, 2026 and June 30, 2026 amounted to $20.6 million and $20.9 million, respectively, and are not included on the accompanying consolidated balance sheets.

13

Activity in the allowance for credit losses, by segment, for the three months ended September 30, 2026 follows:

		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
Allowance for credit losses-loans
Balance at June 30,2026		$	1,721			$	736			$	1,292			$	839			$	108			$	36			$	1			$	50			$	4,783
Provision (benefit) for credit    losses			136				(28	)			(19	)			258				2				2				—				(1	)			350
Loans charged-off			—				—				—				—				—				—				—				—				—
Recoveries			—				—				—				—				—				—				—				—				—
Balance at September 30, 2026		$	1,857			$	708			$	1,273			$	1,097			$	110			$	38			$	1			$	49			$	5,133
		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
Allowance for off balance sheet credit exposures
Balance at June 30, 2026		$	10			$	26			$	26			$	614			$	65			$	5			$	—			$	—			$	746
Provision (benefit) for credit    losses			(9	)			1				(13	)			87				(1	)			—				—				—				65
Balance at September 30, 2026		$	1			$	27			$	13			$	701			$	64			$	5			$	—			$	—			$	811

The increase in the allowance for credit losses on loans during the three months ended September 30, 2026 was due to the overall growth in the loan portfolio.

The allowance for credit losses and total loans, by loan segment, at September 30, 2026 and June 30, 2026 follows:

		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
September 30, 2026
Allowance for individually    evaluated loans		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Allowance for collectively    evaluated loans			1,857				708				1,273				1,097				110				38				1				49				5,133
Total allowance for credit losses		$	1,857			$	708			$	1,273			$	1,097			$	110			$	38			$	1			$	49			$	5,133
Individually evaluated loans		$	424			$	1,166			$	—			$	—			$	—			$	—			$	—							$	1,590
Collectively evaluated loans			419,011				101,815				216,638				138,271				30,652				3,877				168								910,432
Total loans		$	419,435			$	102,981			$	216,638			$	138,271			$	30,652			$	3,877			$	168							$	912,022

		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
June 30, 2026
Allowance for individually    evaluated loans		$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	—
Allowance for collectively    evaluated loans			1,721				736				1,292				839				108				36				1				50				4,783
Total allowance for credit losses		$	1,721			$	736			$	1,292			$	839			$	108			$	36			$	1			$	50			$	4,783
Individually evaluated loans		$	424			$	1,166			$	—			$	—			$	—			$	—			$	—							$	1,590
Collectively evaluated loans			404,902				105,387				212,617				116,360				28,954				3,866				166								872,252
Total loans		$	405,326			$	106,553			$	212,617			$	116,360			$	28,954			$	3,866			$	166							$	873,842

14

Activity in the allowance for credit losses, by segment, for the three months ended September 30, 2025 follows:

		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
Allowance for credit losses-loans
Balance at June 30, 2025		$	1,510			$	579			$	944			$	705			$	113			$	298			$	2			$	—			$	4,151
Provision (benefit) for credit    losses			48				203				165				62				(11	)			9				(1	)			0				475
Loans charged-off			—				—				—				—				—				(270	)			—				—				(270	)
Balance at September 30, 2025		$	1,558			$	782			$	1,109			$	767			$	102			$	37			$	1			$	—			$	4,356
		Residential Real Estate				Commercial Real Estate				Multi-family				Construction				Home Equity				Commercial				Consumer				Unallocated				Total
		(In thousands)
Allowance for off balance sheet credit exposures
Balance at June 30, 2025		$	60			$	16			$	25			$	1,067			$	4			$	14			$	—			$	—			$	1,186
Provision (benefit) for credit    losses			(58	)			(11	)			(24	)			(752	)			59				(9	)			—				—				(795	)
Balance at September 30, 2025		$	2			$	5			$	1			$	315			$	63			$	5			$	—			$	—			$	391

The following is a summary of past due and non-accrual loans at September 30, 2026 and June 30, 2026:

		30-59 Days Past Due				60-89 Days Past Due				90 Days or Greater Past Due				Total Past Due				Loans on Non-accrual
		(In thousands)
September 30, 2026
Residential real estate		$	—			$	313			$	—			$	313			$	735
Commercial real estate			—				—				1,166				1,166				1,166
Total		$	—			$	313			$	1,166			$	1,479			$	1,901

		30-59 Days Past Due				60-89 Days Past Due				90 Days or Greater Past Due				Total Past Due				Loans on Non-accrual
		(In thousands)
June 30, 2026
Residential real estate		$	—			$	313			$	—			$	313			$	424
Commercial real estate			—				—				1,166				1,166				1,166
Total		$	—			$	313			$	1,166			$	1,479			$	1,590

There are no loans 90 days or greater past due and still accruing at September 30, 2026 and June 30, 2026. The balance of accrued interest receivable on loans was $2.9 million at September 30, 2026 and $3.0 million at June 30, 2026. There was $6,000 of accrued interest reversed on non-accrual loans during the three months ended September 30, 2026 as compared to no accrued interest reversed on non-accrual loans during the three months ended September 30, 2025.

Interest income recognized on non-accrual loans for the three months ended September 30, 2026 was $4,000. Interest income recognized on non-accrual loans was $21,000 for the year ended June 30, 2026. No additional funds are committed to be advanced in connection with the individually evaluated loans. There were no loan modifications to borrowers experiencing financial difficulty during the three months ended September 30, 2026 and the year ended June 30, 2026.

15

Credit quality information

The Company has a ten-grade internal loan rating system for commercial real estate, multi-family, commercial, and construction loans as follows:

•Loans rated in the first six grades 1-6 are considered “pass” rated loans with low to average risk.

•Loans rated 7 are considered “watch.” These loans are starting to show signs of potential weakness and are being closely monitored by management.

•Loans rated 8 are considered “substandard.” Generally, a loan is considered substandard if it is inadequately protected by the current net worth and paying capacity of the obligors and/or the collateral pledged. There is a distinct possibility that the Company will sustain some loss if the weakness is not corrected.

•Loans rated 9 are considered “doubtful.” Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of existing facts, conditions and values, highly questionable and improbable.

•Loans rated 10 are considered uncollectible (“loss”) and of such little value that their continuance as loans is not warranted.

On a periodic basis, management formally reviews the ratings on all commercial real estate, multi-family, commercial, and construction loans. Annually, the Company engages an independent third party to review a significant portion of the loans within these segments. Management uses the results of these reviews as part of its internal review process.

Credit quality for residential real estate, home equity loans and lines-of-credit, and consumer loans is determined by monitoring delinquency reports and loan payment history, and through on-going communication with customers.

16

The following table presents the Company’s risk rated loans by year of origination and gross write-offs at and for the three months ended September 30, 2026:

		As of September 30, 2026
		Loans amortized cost basis by origination year
Rating:		2026				2025				2024				2023				2022				Prior				Total
		(In thousands)
Residential Real Estate:
Performing		$	102,230			$	41,418			$	26,538			$	36,725			$	48,643			$	163,023			$	418,577
Watch			—				—				—				—				—				123				123
Substandard			—				313				—				—				—				422				735
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	102,230			$	41,731			$	26,538			$	36,725			$	48,643			$	163,568			$	419,435
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial Real Estate:
1-6 (Pass)		$	19,712			$	15,541			$	3,677			$	20,188			$	15,229			$	27,468			$	101,815
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				1,166				1,166
10 (Loss)			—				—				—				—				—				—				—
Total		$	19,712			$	15,541			$	3,677			$	20,188			$	15,229			$	28,634			$	102,981
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Multi-family:
1-6 (Pass)		$	39,995			$	48,648			$	6,949			$	51,397			$	29,438			$	40,211			$	216,638
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	39,995			$	48,648			$	6,949			$	51,397			$	29,438			$	40,211			$	216,638
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Construction:
1-6 (Pass)		$	66,416			$	33,925			$	22,905			$	14,995			$	—			$	30			$	138,271
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	66,416			$	33,925			$	22,905			$	14,995			$	—			$	30			$	138,271
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Home equity loans and lines-of-credit:
Performing		$	4,226			$	4,823			$	2,612			$	3,150			$	4,428			$	11,413			$	30,652
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	4,226			$	4,823			$	2,612			$	3,150			$	4,428			$	11,413			$	30,652
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial:
1-6 (Pass)		$	520			$	—			$	—			$	440			$	1,849			$	1,068			$	3,877
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	520			$	—			$	—			$	440			$	1,849			$	1,068			$	3,877
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Consumer:
Performing		$	17			$	29			$	1			$	—			$	31			$	90			$	168
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	17			$	29			$	1			$	—			$	31			$	90			$	168
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—

17

The following table presents the Bank’s risk rated loans by year of origination and gross write-offs at and for the year ended June 30, 2026:

		As of June 30, 2026
		Loans amortized cost basis by origination year
Rating:		2025				2024				2023				2022				2021				Prior				Total
		(In thousands)
Residential Real Estate:
Performing		$	93,505			$	34,660			$	30,770			$	39,048			$	48,502			$	158,417			$	404,902
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				424				424
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	93,505			$	34,660			$	30,770			$	39,048			$	48,502			$	158,841			$	405,326
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial Real Estate:
1-6 (Pass)		$	16,147			$	4,607			$	19,354			$	23,587			$	14,594			$	26,901			$	105,190
7 (Watch)			—				—				—				—				—				197				197
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				1,166				1,166
10 (Loss)			—				—				—				—				—				—				—
Total		$	16,147			$	4,607			$	19,354			$	23,587			$	14,594			$	28,264			$	106,553
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Multi-family:
1-6 (Pass)		$	37,248			$	31,754			$	7,740			$	70,225			$	28,301			$	37,349			$	212,617
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	37,248			$	31,754			$	7,740			$	70,225			$	28,301			$	37,349			$	212,617
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Construction:
1-6 (Pass)		$	65,341			$	19,652			$	22,692			$	8,623			$	—			$	52			$	116,360
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	65,341			$	19,652			$	22,692			$	8,623			$	—			$	52			$	116,360
Current-period gross write-offs		$	—			$	—			$	322			$	—			$	—			$	—			$	322
Home equity loans and lines-of-credit:
Performing		$	4,335			$	3,221			$	2,749			$	3,941			$	4,052			$	10,656			$	28,954
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	4,335			$	3,221			$	2,749			$	3,941			$	4,052			$	10,656			$	28,954
Current-period gross write-offs		$	—			$	—			$	—			$	—			$	—			$	—			$	—
Commercial:
1-6 (Pass)		$	215			$	—			$	—			$	1,726			$	784			$	1,141			$	3,866
7 (Watch)			—				—				—				—				—				—				—
8 (Substandard)			—				—				—				—				—				—				—
9 (Doubtful)			—				—				—				—				—				—				—
10 (Loss)			—				—				—				—				—				—				—
Total		$	215			$	—			$	—			$	1,726			$	784			$	1,141			$	3,866
Current-period gross write-offs		$	—			$	—			$	270			$	—			$	—			$	—			$	270
Consumer:
Performing		$	40			$	4			$	1			$	34			$	3			$	84			$	166
Watch			—				—				—				—				—				—				—
Substandard			—				—				—				—				—				—				—
Doubtful			—				—				—				—				—				—				—
Loss			—				—				—				—				—				—				—
Total		$	40			$	4			$	1			$	34			$	3			$	84			$	166
Current-period gross write-offs		$	—			$	—			$	5			$	—			$	—			$	—			$	5

18

4. MINIMUM REGULATORY CAPITAL REQUIREMENTS

The Bank has elected to comply with the community bank leverage ratio framework issued by the federal banking agencies. The framework provides for a simple measure of capital adequacy, calculated as Tier 1 capital divided by average total consolidated assets, which is consistent with how the Bank currently calculates its leverage ratio. Under this framework, a bank that maintains a community bank leverage ratio of greater than 8% is considered to have satisfied the risk-based and leverage capital ratios. As of September 30, 2026 and June 30, 2026, the Bank met the minimum requirement with a community bank leverage ratio of 9.38% and 9.63%, respectively. As a small bank holding company, the Company is exempt from required minimum regulatory capital requirements.

5. FAIR VALUES OF ASSETS AND LIABILITIES

Determination of fair value

The Company uses fair value measurements to record fair value adjustments to certain assets. Fair value is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in some instances, quoted market prices may not be available. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques, including collateral value. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Accordingly, the fair value estimates may not be realized in an immediate settlement of the assets.

The following methods and assumptions were used by the Company in estimating fair value:

Cash and Cash Equivalents – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value.

Available for sale and held to maturity securities – The Company’s investment in debt securities is generally classified within Level 2 of the fair value hierarchy. For those securities, the Company obtains fair value measurements from independent pricing services which are not adjusted by management. The fair value measurements consider observable data that considers standard input factors such as observable market data, benchmark yields, interest rate volatilities, broker/dealer quotes, credit spreads and new issue data.

FHLB Stock – The fair value of FHLB stock approximates the carrying amount based on the redemption provisions of the FHLB. These assets were classified as Level 2.

Loans – The fair value of loans is measured on an exit price basis incorporating discounts for credit, liquidity and marketability factors. Loans were classified as Level 3 since the valuation methodology utilizes significant unobservable inputs.

Accrued Interest Receivable – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value. These assets were classified as Level 2.

Deposits – The fair value of deposits is valued using a replacement cost of funds approach and discounted to the market rates and based on weighted remaining maturity for maturing deposits. Deposits were classified as Level 3 since the valuation methodology utilizes significant unobservable inputs.

FHLB Advances – The fair value of the FHLB Advances approximates fair value amount of these liabilities were classified as Level 2.

19

Accrued Interest Payable and Mortgagor's escrow accounts – For these financial instruments, which have original maturities of 90 days or less, their carrying amounts reported in the Consolidated Balance Sheets approximate fair value. These liabilities were classified as Level 2.

Derivative Instruments – The fair value of derivative instruments is estimated by a third-party valuation expert using Level 2 inputs, primarily interest cash flow models, to calculate the termination value for settlement with the counterparty.

Financial instruments measured at fair value on a recurring basis

Financial instruments measured at fair value on a recurring basis are summarized below. There are no liabilities measured at fair value on recurring basis at September 30, 2026 and June 30, 2026.

		September 30, 2026
														Total
		Level 1				Level 2				Level 3				Fair Value
		(In thousands)
Assets
Debt securities available for sale		$	—			$	66,144			$	—			$	66,144
Derivative assets			—				311				—				311
Total		$	—			$	66,455			$	—			$	66,455
		June 30, 2026
														Total
		Level 1				Level 2				Level 3				Fair Value
		(In thousands)
Assets
Debt securities available for sale		$	—			$	68,776			$	—			$	68,776
Derivative assets			—				38				—				38
Total		$	—			$	68,814			$	—			$	68,814

Assets measured at fair value on a non-recurring basis

The Company may also be required, from time to time, to measure certain other assets and liabilities at fair value on a non-recurring basis in accordance with generally accepted accounting principles.

These adjustments to fair value usually result from application of lower-of-cost-or-market accounting or write-downs of individual assets. There were no assets or liabilities measured at fair value on a non-recurring basis at September 30, 2026 and June 30, 2026.

20

Summary of Fair Values of Financial Instruments

The estimated fair values, and related carrying amounts, of the Bank’s financial instruments are as follows. Certain financial instruments and all non-financial instruments are exempt from disclosure requirements. Accordingly, the aggregate fair value amounts presented herein do not represent the underlying fair value of the Company.

		Carrying				Fair Value
		Amount				Level 1				Level 2				Level 3
		(In thousands)
September 30, 2026
Financial assets:
Cash and cash equivalents		$	63,173			$	63,173			$	—			$	—
Securities available for sale			66,144				—				66,144				—
Securities held to maturity			57,013				—				54,132				—
Federal Home Loan Bank stock			6,312				—				6,312				—
Derivative assets			311								311
Loans, net			908,696				—				—				890,505
Accrued interest receivable			3,818				—				3,818				—
Financial liabilities:
Deposits			862,652				—				—				807,925
Federal Home Loan Bank advances			149,923				—				149,811				—
Mortgagors’ escrow accounts			2,125				—				2,125				—
Accrued interest payable			404				—				404				—
June 30, 2026
Financial assets:
Cash and cash equivalents		$	60,047			$	60,047			$	—			$	—
Securities available for sale			68,776				—				68,776				—
Securities held to maturity			56,228				—				54,744				—
Federal Home Loan Bank stock			6,791				—				6,791				—
Derivative assets			38								38
Loans, net			870,773				—				—				859,472
Accrued interest receivable			4,034				—				4,034				—
Financial liabilities:
Deposits			809,236				—				—				768,417
Federal Home Loan Bank advances			158,158				—				158,055				—
Mortgagors’ escrow accounts			1,809				—				1,809				—
Accrued interest payable			359				—				359				—

6. DERIVATIVES AND HEDGING ACTIVITIES

The Company is exposed to changes in the fair value of certain of its pools of fixed-rate assets due to changes in benchmark interest rates. The Company entered into an interest rate swap agreement to manage its exposure to changes in the fair value of these instruments attributable to changes in the designated benchmark interest rate. The interest rate swap agreement is designated as a fair value hedge and involves the payment of fixed-rate amounts to a counterparty in exchange for the Company receiving variable-rate payments over the life of the agreement without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest income.

21

Interest Rate Swaps

An interest rate swap is an agreement whereby one party agrees to pay a floating rate of interest on a notional principal amount in exchange for receiving a fixed rate of interest on the same notional amount, for a predetermined period of time, from a second party. The amounts relating to the notional principal amount are not actually exchanged. The Company has entered into an interest rate swap in which it pays fixed and receives floating rate interest in order to manage its interest rate risk exposure to the changes in fair value on certain fixed-rate investments. For interest rate swaps that are accounted for as fair value hedges, changes in fair value are included in net income. The following table reflects the Company’s derivative position for an interest rate swap which qualifies as a fair value hedge for accounting purposes as of September 30, 2026:

								Weighted Average Rate
		Notional Amount				Weighted Average Maturity		Fixed Rate Paid				Current SOFR Rate Received				Fair Value
		(In thousands)				(In years)										(In thousands)
Interest rate swap on investments		$	8,829			7.9 yrs			3.74	%			3.82	%		$	311

The table below presents the fair value of the Company’s derivative financial instrument, as well as the classification on the Consolidated Balance Sheet as of September 30, 2026:

Asset Derivatives

Liability Derivatives

Balance Sheet

Fair Value at

Balance Sheet

Fair Value at

Location

September 30, 2026

Location

September 30, 2026

(In thousands)

Interest rate swap on investments

Other Assets

$

311

Securities

$

(315

)

The Company has an agreement with its derivative counterparty that contains a provision where if the Company defaults (or is capable of being declared in default) on any of its indebtedness, then the Company could also be declared in default on its derivative obligations, and it could be required to terminate its derivative positions with the counterparty. In order to mitigate counterparty default risk in conjunction with its derivative contract, the Company was required to maintain $200,000 of collateral in a deposit account with the counterparty as of September 30, 2026.

Should a counterparty fail to perform under the terms of a derivative contract, the Company’s credit exposure on interest rate swaps is limited to the net positive fair value and accrued interest of the swap plus any initial margin collateral posted. The Company seeks to minimize counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, where appropriate. As such, management believes the risk of incurring credit losses on the derivative contract with the counterparty is remote.

7. EARNINGS PER SHARE (EPS)

Basic EPS represents net income available to common stockholders divided by the weighted-average number of common shares outstanding during the period.

Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common shares (such as stock options) were exercised or converted into additional common shares that would then share in the earnings of the Company. Diluted EPS is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding for the year, plus the effect of potential dilutive common share equivalents computed using the treasury stock method.

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There were no securities that had a dilutive effect during the three months ended September 30, 2026 and September 30, 2025, and therefore the weighted-average common shares outstanding used to calculate both basic and diluted EPS are the same. Unallocated ESOP shares are not deemed outstanding for earnings per share calculations. For the three months ended September 30, 2026 and September 30, 2025, there were no anti-dilutive shares.

		For the Three Months Ended
		September 30,				September 30,
		2026				2025
		(Dollars in thousands)
Net income applicable to common shares		$	1,268			$	962
Average number of common shares outstanding			9,295,376				9,295,376
Less: average unallocated ESOP shares			313,677				330,483
Average number of common shares outstanding    used to calculate basic and diluted EPS			8,981,699				8,964,893
Net income per common share:
Basic and diluted		$	0.14			$	0.11

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

Management’s discussion and analysis of financial condition and results of operations at September 30, 2026 and June 30, 2026 and for the three months ended September 30, 2026 and 2025 is intended to assist in understanding the financial condition and results of operations of the Company. The information contained in this section should be read in conjunction with the unaudited financial statements and the notes thereto appearing in Part I, Item 1, of this Quarterly Report on Form 10-Q.

Cautionary Note Regarding Forward-Looking Statements

This report contains forward-looking statements, which can be identified by the use of words such as “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “estimate,” “expect,” “indicate,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and words of similar meaning. These forward-looking statements include, but are not limited to:

•statements of our goals, intentions and expectations;

•statements regarding our business plans, prospects, growth and financial condition and results of operation;

•statements regarding the quality of our loan and investment portfolios; and

•estimates of our risks and future costs and benefits.

These forward-looking statements are based on current beliefs and expectations and are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. We are under no duty to and do not take any obligation to update any forward-looking statements after the date of this report.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:

•general economic conditions, nationally or in our market areas;

•changes in the level and direction of loan delinquencies and write-offs and changes in estimates of and methodology for calculating the adequacy of the allowance for loan losses;

•our ability to access cost-effective funding;

•fluctuations in real estate values;

•demand for loans, deposits and non-banking services in our market area;

•our ability to implement our business strategies;

•competition among depository and other financial institutions;

•inflation and changes in the interest rate;

•changes in laws or government regulations or policies, including changes in monetary and fiscal policies;

•the imposition of tariffs or other domestic or international governmental policies and retaliatory responses;

•changes in the quality or composition of our loan or investment portfolios;

•technological changes that may be more difficult or expensive than expected;

•a failure or breach of our operational or information security systems or infrastructure, including cyberattacks;

•changes in accounting policies and practices;

•our ability to retain key employees; and

•the other risks and uncertainties detailed in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2026 and other filings submitted to the Securities and Exchange Commission.

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Critical Accounting Policies

The discussion and analysis of the financial condition and results of operations are based on our financial statements, which are prepared in conformity with GAAP. The preparation of these financial statements requires management to make estimates and assumptions affecting the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of income and expenses. We consider the accounting policies discussed below to be critical accounting policies. The estimates and assumptions that we use are based on historical experience and various other factors and are believed to be reasonable under the circumstances. Actual results may differ from these estimates under different assumptions or conditions, resulting in a change that could have a material impact on the carrying value of our assets and liabilities and our results of operations.

The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for qualifying public companies. As an “emerging growth company,” we may delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. We intend to take advantage of the benefits of this extended transition period. Accordingly, our financial statements may not be comparable to companies that comply with such new or revised accounting standards.

The following represents our critical accounting policy.

Allowance for Credit Losses on Loans. The allowance for credit losses is established based upon the Company's current estimate of expected lifetime credit losses on loans measured at amortized cost. Credit losses are charged against the allowance when management's assessments confirm that the Company will not collect the full amortized cost basis of a loan. Subsequent recoveries, if any, are credited to the allowance. The Company estimates credit losses for financial assets on a collective basis for loans sharing similar risk characteristics. The Company segments financial assets with similar risk characteristics and has elected to segment its loans based on Federal Call Codes used for reporting loans to the Federal Deposit Insurance Corporation as part of the Call Report process. These segments are collectively evaluated for expected credit losses using a quantitative DCF model combined with an assessment of certain qualitative factors designed to address forecast risk and model risk inherent in the quantitative model output. The Company has elected to use this approach because DCF models allow for effective incorporation of a reasonable and supportable forecast in a directionally consistent and objective manner and peer data is available for certain inputs such as the probability of default and the loss given default. The quantitative model utilizes a loss factor based approach to estimate expected credit losses, which are derived from industry peer loss experience. The model estimates expected credit losses using loan level data over the estimated life of the exposure, considering the effect of prepayments. Economic forecasts are incorporated into the estimate over a reasonable and supportable forecast period, beyond which is a reversion to the historical long-run average using the straight-line reversion method. Management periodically evaluates a reasonable and supportable forecast period and a reversion period to be appropriate for purposes of estimating expected credit losses. The qualitative risk factors impacting the expected risk of loss within the portfolio include the following:

•changes in the Company’s loan policies, procedures and strategies;

•changes in international, national, regional, and local economic and business conditions;

•changes in the nature and volume of the portfolio and terms of loans;

•changes in experience, depth, and ability of lending management;

•changes in the volume, trend, and severity of past due financial assets;

•changes in the quality of the organization’s loan review system;

•changes in the value of underlying collateral for collateral-dependent loans;

•the existence and effect of any concentrations of credit, and changes in the level of such concentration; and

•the effect of competition and legal/regulatory requirements on the portfolio.

The allowance for credit losses on loans is evaluated on a regular basis by management. This evaluation is inherently subjective as it requires estimates that are susceptible to significant revision as more information becomes available. For example, an increase of 25 basis points as to our lifetime loss rate for qualitative factors for all loan categories at September 30, 2026 would have increased our allowance for credit losses on loans at that date to $7.4 million from $5.1 million.

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Loans that do not share similar risk characteristics with any pools of assets are subject to individual evaluation and are removed from the collectively assessed pools to avoid double counting. This includes loans on non-accrual and loans that are 90 days or greater past due. For the loans that will be individually evaluated, the Company will use either a DCF approach or a fair value of collateral approach. The latter approach will be used for loans that are collateral dependent, that is, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

An unallocated component may be maintained to cover uncertainties that could affect management’s estimate of probable losses. The unallocated portion of the allowance reflects the margin of imprecision inherent in the underlying assumptions used in the methodologies for estimating collectively and individually evaluated loans in the portfolio.

For more information on our critical accounting policies, see Note 1 of the notes to our consolidated financial statements.

Comparison of Financial Condition at September 30, 2026 and June 30, 2026

Total Assets. Total assets increased $45.3 million, or 4.1%, to $1.14 billion at September 30, 2026, from $1.1 billion at June 30, 2026. The increase was primarily due to increases in the loan portfolio.

Cash and Cash Equivalents. Cash and cash equivalents increased $3.2 million, or 5.2%, to $63.2 million at September 30, 2026 from $60.0 million at June 30, 2026.

Investment Securities. Investment securities, comprised of both available for sale and held to maturity securities, aggregated $123.2 million at September 30, 2026 compared to $125.0 million at June 30, 2026. The portfolio declined as rising rates increased unrealized losses in the AFS portfolio.

Loans, net. Loans increased $37.9 million, or 4.4%, to $908.7 million at September 30, 2026 compared to $870.8 million at June 30, 2026. Growth was driven primarily by construction and residential real estate loans, which increased $21.9 million and $14.1 million, respectively. Multi-family real estate and home equity portfolios also increased $4.0 million and $1.7 million, respectively. We remain focused on originating construction, multi-family, and residential real estate loans as the primary drivers of loan portfolio growth.

Deposits. Deposits increased $53.4 million, or 6.6%, to $862.7 million at September 30, 2026 from $809.2 million at June 30, 2026. Certificates of deposits drove the increase, rising $29.8 million, or 10.6%, to $311.3 million at September 30, 2026 from $281.5 million at June 30, 2026. Money market accounts increased $20.2 million to $280.8 million at September 30, 2026 from $260.6 million at June 30, 2026. All of our deposits are fully insured by the FDIC or the Depositors Insurance Fund.

Borrowings. Borrowings, which consisted solely of Federal Home Loan Bank of Boston advances, decreased $8.2 million, or 5.2%, to $149.9 million at September 30, 2026, compared to $158.2 million at June 30, 2026.

Total Stockholders’ Equity. Total stockholders’ equity decreased $886,000, and was $119.6 million at September 30, 2026 and $120.5 million at June 30, 2026. Total stockholders’ equity was driven by an other comprehensive loss of $2.2 million due to higher unrealized losses on the available for sale portfolio, partially offset by net income of $1.3 million for the quarter ended September 30, 2026.

Comparison of Operating Results for the Three Months Ended September 30, 2026 and 2025

General. We recorded net income of $1.3 million and $962,000 for the three months ended September 30, 2026 and 2025, respectively. The increase in net income was due to an increase in interest and dividend income, partially offset by an increase in the cost of funds and operating expense.

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Interest and Dividend Income. Interest and dividend income increased $2.3 million, or 18.8%, to $14.2 million for the three months ended September 30, 2026, from $11.9 million for the three months ended September 30, 2025. Interest and fees on loans, which is our primary source of interest income, increased $2.0 million, or 19.6%, to $12.4 million for the three months ended September 30, 2026.

The average balance of loans increased by $124.0 million, or 16.0%, to $899.0 million for the three months ended September 30, 2026, over the average balance for the three months ended September 30, 2025, while the average yield on loans increased by 16 basis points to 5.53% for the three months ended September 30, 2026, from 5.37% for the three months ended September 30, 2025. The higher average yield primarily reflects a shift in the loan portfolio mix toward higher-yielding construction, commercial real estate and multifamily real estate loans. Growth in the average balance was driven by our continued efforts to develop new commercial relationships.

Interest Expense. Interest expense totaled $7.0 million for the three months ended September 30, 2026 which represents an increase of $799,000, or 12.9%, compared to the same period in 2025. Interest expense on deposits increased $1.0 million, or 22.2%, to $5.7 million for the three months ended September 30, 2026. Our average balance of interest-bearing deposits increased $153.9 million, or 24.4%, to $783.4 million, while our average cost of deposits decreased 6 basis points to 2.91% for the three months ended September 30, 2026, from 2.97% for the three months ended September 30, 2025.

Interest expense on Federal Home Loan Bank advances decreased $239,000, or 15.7%, to $1.3 million for the three months ended September 30, 2026. Our average balance of Federal Home Loan Bank advances decreased $9.6 million, and our average cost of borrowings decreased 41 basis points to 3.91% for the three months ended September 30, 2026, from 4.32% for the three months ended September 30, 2025. The decrease in interest expense on Federal Home Loan Bank advances is due to lower average balances and lower rates on advances.

Net Interest Income. Net interest income was $7.2 million for the three months ended September 30, 2026, compared to $5.7 million for the three months ended September 30, 2025, as our interest income increased faster than our interest expense. Our interest rate spread increased to 2.22% for the three months ended September 30, 2026 from 1.96% for the three months ended September 30, 2025. Our net interest margin increased to 2.67% for the three months ended September 30, 2026 from 2.49% for the three months ended September 30, 2025

Provision for Credit Losses. Based on an analysis of the factors described in “Critical Accounting Policies—Allowance for Credit Losses,” we recorded a provision for credit losses of $415,000 for the three months ended September 30, 2026, compared to a benefit of $320,000 for the three months ended September 30, 2025. The decrease in provision for credit losses on loans for the three months ended September 30, 2026 was primarily due to lower loan portfolio growth during the period.

The allowance for credit losses on loans was $5.1 million at September 30, 2026 and $4.8 million at June 30, 2026, and represented 0.56% of total loans at September 30, 2026 and 0.55% at June 30, 2026 . The allowance for credit losses for off balance sheet commitments was $811,000 at September 30, 2026 and $746,000 at June 30, 2026. The increases in both allowances were primarily due to loan growth and higher unfunded commitments during the quarter.

Total nonaccrual loans were $1.9 million at September 30, 2026, compared to $1.6 million at June 30, 2026. Total loans past due 30 days or greater were $1.5 million at September 30, 2026, unchanged from June 30, 2026.

Our estimates and assumptions used in the determination of the adequacy of the allowance could be proven incorrect in the future, and the actual amount of future provisions may exceed the amount of past provisions. Any such increase in future provisions that may be required may adversely impact our financial condition and results of operations.

27

Non-interest income. Non-interest income information is as follows.

		Three Months Ended September 30,								Change
		2026				2025				Amount				Percent
		(Dollars in thousands)
Customer service fees		$	229			$	191			$	38				19.9	%
Bank owned life insurance			152				119				33				27.7	%
Loss on the sale of securities available for sale			—				(317	)			317				(100.0	)%
Miscellaneous			117				59				58				98.3	%
Total non-interest income		$	498			$	52			$	446				857.7	%

In July 2025, the Company recognized a one-time loss of $317,000 from the sale of available-for-sale securities as part of its investment portfolio restructuring. The increase in miscellaneous income reflects higher construction loan fees.

Non-interest Expense. Non-interest expense information is as follows.

		Three Months Ended September 30,								Change
		2026				2025				Amount				Percent
		(Dollars in thousands)
Salaries and employee benefits		$	3,147			$	2,697			$	450				16.7	%
Occupancy and equipment, net			420				396				24				6.1	%
Data processing			480				408				72				17.6	%
Deposit insurance			195				210				(15	)			(7.1	)%
Marketing and advertising			266				184				82				44.6	%
Other			1,108				900				208				23.1	%
Total non-interest expense		$	5,616			$	4,795			$	821				17.1	%

The increase in salaries and employee benefits reflected the addition of commercial lending and higher health plan expenses, while deposit insurance expense declined due to lower FDIC insurance rates. Data processing costs increased due to investments in new technologies designed to improve the customer experience and operational efficiency. Marketing expense increased with the launch of a new branding campaign, while other expenses rose primarily due to higher legal and audit fees associated with the Bank’s change in fiscal year end from June 30 to December 31.

Income Taxes. Income tax expense increased to $387,000 for the three months ended September 30, 2026, compared to $356,000 for the three months ended September 30, 2025. The effective tax rates were 23.4% and 27.0% for the three months ended September 30, 2026 and 2025, respectively, as we had higher levels of taxable income during the 2026 period.

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Average Balances and Yields

The following table sets forth average balance sheets, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments have been made, as the effects would be immaterial. All average balances are daily average balances, and the average balance of loans includes non-accrual loans. The yields set forth below include the effect of deferred fees/costs, discounts, and premiums that are amortized or accreted to interest income. Deferred loan fees for the three months ended September 30, 2026 and 2025 were not material.

		For the Three Months Ended September 30,
		2026												2025
		Average Outstanding Balance				Interest				Average Yield/Rate (1)				Average Outstanding Balance				Interest				Average Yield/Rate (1)
		(Dollars in thousands)
Interest-earning assets:
Loans		$	899,041			$	12,440				5.53	%		$	775,015			$	10,402				5.37	%
Securities			126,051				1,254				3.98	%			109,870				1,113				4.05	%
Interest-bearing deposits			49,879				489				3.92	%			36,551				422				4.62	%
Total interest-earning assets			1,074,971				14,183				5.28	%			921,436				11,937				5.18	%
Non-interest-earning assets			49,676												43,149
Allowance for credit losses on loans			(4,867	)											(4,180	)
Total assets		$	1,119,780											$	960,405
Interest-bearing liabilities:
NOW and demand deposits		$	53,356				17				0.13	%		$	55,599				4				0.03	%
Savings accounts			147,594				751				2.04	%			159,587				916				2.30	%
Money market accounts			270,955				2,177				3.21	%			133,819				1,102				3.29	%
Certificates of deposit			311,505				2,763				3.55	%			280,536				2,648				3.78	%
Total interest-bearing deposits			783,410				5,708				2.91	%			629,541				4,670				2.97	%
Borrowings			131,675				1,287				3.91	%			141,294				1,526				4.32	%
Total interest-bearing liabilities			915,085				6,995				3.06	%			770,835				6,196				3.22	%
Non-interest bearing demand accounts			71,290												62,528
Other non-interest-bearing liabilities			11,692												11,018
Total liabilities			998,067												844,381
Stockholders' equity			121,713												116,024
Total liabilities and stockholders' equity		$	1,119,780											$	960,405
Net interest income						$	7,188											$	5,741
Net interest rate spread (2)											2.22	%											1.96	%
Net interest-earning assets (3)		$	159,886											$	150,601
Net interest margin (4)											2.67	%											2.49	%
Average interest-earning assets to    average interest-bearing liabilities			117.47	%											119.54	%
(1) Annualized.
(2) Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.
(3) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(4) Net interest margin represents net interest income divided by average total interest-earning assets.

(1)Annualized.

(2)Net interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average rate of interest-bearing liabilities.

(3)Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.

(4)Net interest margin represents net interest income divided by average total interest-earning assets.

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Rate/Volume Analysis

The following table presents the effects of changing rates and volumes on our net interest income for the periods indicated. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The total column represents the sum of the prior columns. For purposes of this table, changes attributable to both rate and volume, which cannot be segregated, have been allocated proportionately based on the changes due to rate and the changes due to volume. There were no out-of-period items or adjustments required to be excluded from the table below.

		Three Months Ended September 30, 2026 vs. 2025
		Increase (Decrease) Due to								Total Increase
		Volume				Rate				(Decrease)
		(In thousands)
Interest-earning assets:
Loans		$	1,716			$	322			$	2,038
Securities			170				(29	)			141
Interest-bearing deposits and other			129				(62	)			67
Total interest-earning assets			2,015				231				2,246
Interest-bearing liabilities:
NOW and demand deposits			(1	)			14				13
Savings accounts			(69	)			(96	)			(165	)
Money market accounts			1,102				(27	)			1,075
Certificates of deposit			275				(160	)			115
Borrowings			(94	)			(145	)			(239	)
Total interest-bearing liabilities			1,213				(414	)			799
Change in net interest income		$	802			$	645			$	1,447

Management of Market Risk

General. The majority of our assets and liabilities are monetary in nature. Consequently, our most significant form of market risk is interest rate risk. Our assets, consisting primarily of mortgage loans, have longer maturities than our liabilities, consisting primarily of deposits. As a result, a principal part of our business strategy is to manage the impact of changes in market interest rates on net interest income and capital. We have an Asset/Liability Committee that is responsible for evaluating the interest rate risk inherent in our assets and liabilities, for determining the level of risk that is appropriate, given our business strategy, operating environment, capital, liquidity and performance objectives, and for managing this risk consistent with the guidelines approved by the board of directors. The Committee establishes and monitors the volume, maturities, pricing and mix of assets and funding sources with the objective of managing assets and funding sources to provide results that are consistent with liquidity, growth, risk limits and profitability goals.

As part of our ongoing asset-liability management, we use the following strategies to manage our interest rate risk:

•emphasizing the marketing of our non-interest-bearing demand, money market, savings and demand accounts;

•investing in short- to medium-term repricing and/or maturing investment securities whenever the market allows;

•maintaining capital levels that exceed those required for well-capitalized status under federal banking regulations;

•maintaining prudent levels of liquidity;

•managing our utilization of wholesale funding with borrowings and brokered deposits; and

•continuing to diversify our loan portfolio by adding more commercial-related loans and consumer loans, which typically have shorter maturities.

Net Interest Income. We analyze our sensitivity to changes in interest rates through a net interest income model. Net interest income is the difference between the interest income we earn on our interest-earning assets, such as loans and securities, and the interest we pay on our interest-bearing liabilities, such as deposits and borrowings. We estimate what our net interest income would be for a 12-month period. We then calculate what the net interest income would be for the same

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period under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 300 basis points, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve. A basis point equals one-hundredth of one percent, and 100 basis points equals one percent. An increase in interest rates from 2% to 3% would mean, for example, a 100 basis point increase in the “Change in Interest Rates” column below.

The tables below sets forth, as of September 30, 2026 and June 30, 2026, the calculation of the estimated changes in our net interest income that would result from the designated instantaneous changes in the United States Treasury yield curve.

At September 30, 2026
Change in Interest Rates (Basis Points)		Net Interest Income Year 1 Forecast				Year 1 Change From Level
		(Dollars in thousands)
+300		$	18,161				(35.8	)%
+200			21,725				(23.2	)%
+100			25,121				(11.1	)%
Level			28,272				—
-100			30,038				6.2	%
-200			31,038				9.8	%
-300			31,700				12.2	%

At June 30, 2026
Change in Interest Rates (Basis Points)		Net Interest Income Year 1 Forecast				Year 1 Change From Level
		(Dollars in thousands)
+300		$	20,567				(27.8	)%
+200			23,369				(17.9	)%
+100			26,022				(8.6	)%
Level			28,481				—
-100			29,641				4.1	%
-200			30,438				6.9	%
-300			31,024				8.9	%

The tables above indicate that at September 30, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 23.2% decrease in net interest income, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 9.8% decrease in net interest income and at June 30, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 17.9% decrease in net interest income, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 6.9% increase in net interest income.

Economic Value of Equity. We also compute amounts by which the net present value of our assets and liabilities (economic value of equity, or “EVE”) would change in the event of a range of assumed changes in market interest rates. This model uses a discounted cash flow analysis and an option-based pricing approach to measure the interest rate sensitivity of net portfolio value. The model estimates the economic value of each type of asset, liability and off-balance sheet contract under the assumptions that the United States Treasury yield curve increases or decreases instantaneously by up to 300 basis points, with changes in interest rates representing immediate and permanent, parallel shifts in the yield curve.

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The tables below set forth, as of September 30, 2026 and June 30, 2026, the calculation of the estimated changes in our EVE that would result from the designated immediate changes in the United States Treasury yield curve.

At September 30, 2026
						Estimated Increase (Decrease) in EVE								EVE as a Percentage of Present Value of Assets (3)
Change in Interest Rates (Basis Points) (1)		Estimated EVE (2)				Amount				Percent				EVE Ratio (4)				Increase (Decrease) (Percent)
						(Dollars in thousands)
+300		$	90,630			$	(61,680	)			(40.5	)%			8.8	%			(35.4	)%
+200			115,396				(36,914	)			(24.2	)%			10.9	%			(20.2	)%
+100			135,901				(16,409	)			(10.8	)%			12.5	%			(8.6	)%
—			152,310				—				—				0.0	%			—
-100			161,350				9,040				5.9	%			14.1	%			3.4	%
-200			162,610				10,300				6.8	%			13.9	%			2.1	%
-300			155,443				3,133				2.1	%			13.1	%			(3.9	)%

(1)Assumes an immediate uniform change in interest rates at all maturities.

(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4)EVE Ratio represents EVE divided by the present value of assets.

At June 30, 2026
						Estimated Increase (Decrease) in EVE								EVE as a Percentage of Present Value of Assets (3)
Change in Interest Rates (Basis Points) (1)		Estimated. EVE (2)				Amount				Percent				EVE Ratio (4)				Increase (Decrease) (Percent)
						(Dollars in thousands)
+300		$	99,341			$	(49,170	)			(33.1	)%			9.9	%			(27.5	)%
+200			118,697				(29,813	)			(20.1	)%			11.5	%			(15.8	)%
+100			135,100				(13,411	)			(9.0	)%			12.8	%			(6.7	)%
—			148,511				—				—				13.7	%			—
-100			155,241				6,730				4.5	%			14.0	%			2.2	%
-200			155,674				7,164				4.8	%			13.8	%			0.4	%
-300			149,504				993				0.7	%			13.0	%			(5.1	)%

(1)Assumes an immediate uniform change in interest rates at all maturities.

(2)EVE is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.

(3)Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.

(4)EVE Ratio represents EVE divided by the present value of assets.

The tables above indicate that at September 30, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 24.2% decrease in EVE, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 6.8% decrease in EVE, and at June 30, 2026, in the event of an instantaneous parallel 200 basis point increase in interest rates, we would have experienced a 20.1% decrease in EVE, and in the event of an instantaneous parallel 200 basis point decrease in interest rates, we would have experienced a 4.8% increase in EVE.

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At September 30, 2026, all estimated changes described above with respect to net interest income and EVE with respect to potential increases in market interest rates exceeded the current policy limits established by the board of trustees. We have determined that selling assets to comply with our internal policies would result in a significant loss that would deplete capital and, as a result, restrict future growth, while providing limited benefit during a period of declining market interest rates, as began in the latter half of 2024.

Certain shortcomings are inherent in the methodologies used in the above interest rate risk measurements. Modeling changes require making certain assumptions that may or may not reflect the manner in which actual yields and costs respond to changes in market interest rates. In this regard, the changes in net interest income and net economic value tables presented assume that the composition of our interest-sensitive assets and liabilities existing at the beginning of a period remains constant over the period being measured and assumes that a particular change in interest rates is reflected uniformly across the yield curve regardless of the duration or repricing of specific assets and liabilities. Accordingly, although the tables provide an indication of our interest rate risk exposure at a particular point in time, such measurements are not intended to and do not provide a precise forecast of the effect of changes in market interest rates, and actual results may differ. Furthermore, although certain assets and liabilities may have similar maturities or periods to repricing, they may react in different degrees to changes in market interest rates. Additionally, certain assets, such as adjustable-rate loans, have features that restrict changes in interest rates both on a short-term basis and over the life of the asset. In the event of changes in interest rates, prepayment and early withdrawal levels would likely deviate significantly from those assumed in calculating the tables.

Interest rate risk calculations also may not reflect the fair values of financial instruments. For example, decreases in market interest rates can increase the fair values of our loans, deposits and borrowings.

Liquidity and Capital Resources

Liquidity is our ability to meet current and future financial obligations that arise in the ordinary course of business. Liquidity is primarily needed to meet the borrowing and deposit withdrawal requirements of our customers and to fund current and planned expenditures. Our primary sources of funds are deposits, principal and interest payments on loans and securities and proceeds from maturities and calls of securities. We also have the ability to borrow from the Federal Home Loan Bank of Boston. At September 30, 2026, we had $149.9 million outstanding in advances from the Federal Home Loan Bank of Boston. At September 30, 2026, we had the ability to borrow $169.6 million in additional Federal Home Loan Bank of Boston advances. At September 30, 2026, we had a $5.3 million line of credit with the Federal Home Loan Bank of Boston, which was not drawn at September 30, 2026. Additionally, at September 30, 2026, we had a $147.9 million secured line of credit through the Federal Reserve Borrower in Custody program. At that date, there were no amounts outstanding.

While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and loan prepayments are greatly influenced by general interest rates, economic conditions, and competition. Our most liquid assets are cash and cash equivalents. The levels of these assets depend on our operating, financing, lending, and investing activities during any given period.

We test the level of our liquidity monthly and quarterly. Our monthly liquidity test is the ratio of basic surplus (deficit) divided by total assets, with basic surplus/deficit consisting of liquid assets (cash and due from banks, federal funds sold, securities available for sale, loans held for sale, total equities and securities maturities and payment) divided by investment commitments (loan commitments, 10% of certificates of deposit maturing within 30 days and 5% of non-maturing deposits). Our key quarterly test is the Primary Liquidity ratio, which we calculate as total liquid assets (cash and due from banks, federal funds sold and all securities that are not pledged to secure borrowing) as a percentage of total assets.

We seek to maintain a minimum monthly liquidity ratio of 4% to 6% of assets, and a minimum quarterly primary liquidity ratio of 15%. At September 30, 2026 and June 30, 2026, we were in compliance with both of these guidelines.

Our cash flows are comprised of three primary classifications: cash flows from operating activities, investing activities, and financing activities. Net cash provided by operating activities was $2.2 million for the three months ended September 30, 2026 and $1.4 million for the three months ended September 30, 2025. Net cash used by investing activities, which consists primarily of disbursements for loan originations and the purchase of investment securities, offset by principal collections on loans and proceeds from maturing securities and pay downs on securities, was $44.5 million and $53.3 million for the three months ended September 30, 2026 and 2025, respectively. Net cash provided by financing activities was $45.5 million and $54.4 million for the three months ended September 30, 2026 and 2025, respectively.

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We are committed to maintaining a strong liquidity position. We consistently monitor our liquidity position. We anticipate that we will have sufficient funds to meet our current funding commitments based on our current strategy to increase loans with an increase in core deposits and the continued use of Federal Home Loan Bank of Boston advances, as needed.

At September 30, 2026, Winchester Savings Bank exceeded its applicable regulatory capital requirement, and was considered “well capitalized” under regulatory guidelines.

Recent Accounting Pronouncements

There are no recent accounting pronouncements issued, but not yet adopted, that are expected to have a significant impact on our financial statements. As an emerging growth company, we have elected to use the extended transition period to delay the adoption of new or re-issued accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies.

Impact of Inflation and Changing Prices

The financial statements and related data presented herein have been prepared in accordance with GAAP, which requires the measurement of financial position and operating results in terms of historical dollars without considering changes in the relative purchasing power of money over time due to inflation. The primary impact of inflation on our operations is reflected in increased operating costs. Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates, generally, have a more significant impact on a financial institution’s performance than does inflation. Interest rates do not necessarily move in the same direction or to the same extent as the prices of goods and services.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

See Item 2, above.

Item 4. Controls and Procedures.

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by the quarterly report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file or submit under the Securities and Exchange Act of 1934 is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has been no change in our internal control over financial reporting during the most recent fiscal quarter that has materially affected or is reasonably likely to materially affect our internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings.

We are not involved in any pending legal proceedings as a plaintiff or defendant other than routine legal proceedings occurring in the ordinary course of business, and at September 30, 2026, we were not involved in any legal proceedings, the outcome of which would be material to our financial condition or results of operations.

Item 1A. Risk Factors.

Not applicable, as the Registrant is a smaller reporting company.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

a)There were no sales of unregistered securities during the period covered by this Report.

b)Not applicable.

c)The Company's Board of Directors adopted a share repurchase program (the “Share Repurchase Program"), which authorizes the repurchase up to 464,769 shares of the Company’s common stock, $0.01 par value per share (“Common Stock”), or approximately 5% of the Company's current outstanding shares of Common Stock. The Share Repurchase Program commenced on September 30, 2026. No shares of Common Stock were repurchased under the Share Repurchase Program during the three-month period ending September 30, 2026.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

During the three months ended September 30, 2026, none of the Company’s directors or officers (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934) adopted, terminated or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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Item 6. Exhibits.

Exhibit Number		Description
31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS		Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

** Furnished herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Winchester Bancorp, Inc.
Date: November 4, 2026		By:	/s/ John A. Carroll
			John A. Carroll
			President and Chief Executive Officer
			(Principal Executive Officer)
Date: November 4, 2026		By:	/s/ Elda Heller
			Elda Heller
			Executive Vice President Chief Financial Officer and Treasurer
			(Principal Financial and Accounting Officer)

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